Need Fast Cash For Your Business? !!

Ever Try Factoring?

Factoring is the best way to get fast funding for your business without going into debt. But not all factoring companies are a best fit for your company.

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New to Factoring?

For those who aren't familiar with factoring, it is basically a fast way to get cash to run your business.

Factoring is Not a Loan

When you send your customers an invoice, they usually have 30 days to pay you back. Factoring companies will give you the bulk of the cash up front, sometimes within 24 hours, and collect the payments from your customers themselves. Once the invoices are paid in full, you’ll get the balance left over, minus a small fee.

Factoring Doesn't Require Debt

So how do you go about choosing the best factoring company?

Not all of them are created equal. Not all of them will give you the same level of service you need to help grow your business.

Everyone claims they have the simplest rate structure in the industry, no long-term contracts, same day funding, no up-front fees, no monthly minimums or maximums, etc., etc., etc.

We also offer these same benefits, but we GO THE EXTRA MILE FOR YOU that other factoring companies don’t.

Here’s Why We Are The Factoring Company You Need For Your Business

No other factoring company matches our level of superior service and offerings.

Financially Strong

We have been in business since 1979, are privately held, and have a proven track record of being financially strong. We have survived many economic downturns and in doing so, can help you through any difficult times you might encounter. We won’t go out of business when the times get tough, like some other factoring companies regretfully have in the past.

Part of a Vast Network

Every factoring company has a preference for size, industry, and risk. It’s impossible for you to know which company is the best fit for you. By contacting us, we can save you a tremendous amount of time by helping you find the best match for your business - whether it’s with us or another company.

We have a vast network of industry colleagues that we’ve built over 20+ years in the business. So, when you take the time to explain your needs to us, we can be the “one stop shop” to help you find exactly what you’re looking for.

No Minimum

Most factoring companies will allow you to pick & choose customers to factor, however they usually have a minimum amount before they’ll work with you. With us, you can pick & choose what to factor on an invoice by invoice basis with no minimum.

Our factoring agreement is like carrying a credit card in your pocket. You carry it to use when you need it but don’t sign an agreement which will force you into factoring when you don’t need it.

Transparent Fees

Most factoring companies are not upfront about their fees. We are different. We are totally transparent about our fees. When you apply, you are provided a transparent, no obligation rate proposal with the fee for your company.

Our typical contract term is 90 days and we offer price breaks for extended term contracts as well as volume discounts. Optional services include $7/ACH for next-day funds sent electronically to your bank account or $12/wire for same-day funds. Invoices can be scanned and electronically uploaded directly to our secure server for $9/batch. In instances when original invoices are required, we offer discounted rates with Federal Express to submit your invoices.

That’s it! See which other factoring company, if any, will be totally up front with their fees before they try and get your business.

Higher Advance Rates

An “advance” rate is the percent of the invoice face value that you’ll receive upfront. Industry average advance rates are 70-90% of the face value of the invoice. So, for example, if your customer owes you $1,000, you should expect to receive an advance payment of $700 to $900 to your account. Our typical advance rates are higher than average - at 85-97% depending on industry and payment track record.

Personalized Solutions

We are not beholden to Wall Street investor money. We are a privately held company and don’t answer to investors or boards. We are like-minded entrepreneurs who understand what it takes to run a business. We take the time to hear your story, learn your struggles, and put together a solution for you rather than relying on an algorithm to determine your company’s value. Who do you want to rely on as a cash flow partner to fund your business?

Dedicated Account Administrators

Many factoring companies have either a lot of employee turnover, a complex voice mail system that you get lost in or operate call centers where you talk with a new representative every time you call in. We offer dedicated account administrators to be your point of contact – who knows your business intimately, and can help you in ways others just can’t.

Industry Veterans

We have been in business since 1979 and have staff who are dedicated to working in this industry as a career. We are veterans in this industry and can provide additional business guidance and resources as needed.

Our Business is Your Business

We establish a mutual risk tolerance to avoid putting you in the position to ever have to buy back an invoice. We also keep track of each invoice and follow them like your own credit and collections department would. Once they hit the payment date we place friendly reminder calls and/or emails on your behalf and keep notes as to when it is scheduled to be paid, and send copies if needed until payment is received.

Payment Trend Alerts

You will have access to online aging reports and your dedicated account administrator is kept in the loop and given advance notice of any collection issues so there are no surprises.

Up-to-Date Customer Credit History

You get direct online access to your customer’s business credit reports, or you can call and speak with your account administrator – your choice. Stay ahead of negative payment trends. This is critical to running your business and filling your next order.

Leading Edge Technology

We make strides to incorporate the latest technology to expedite the funding process, such as electronic submission of invoices, online reports, online credit checking and other emerging methods to streamline the process and reduce overhead, which means lower rates for you. Most other companies don’t even come close.

Financially Strong

We have been in business since 1979, are privately held, and have a proven track record of being financially strong. We have survived many economic downturns and in doing so, can help you through any difficult times you might encounter. We won’t go out of business when the times get tough, like some other factoring companies regretfully have in the past.

Part of a Vast Network

Every factoring company has a preference for size, industry, and risk. It’s impossible for you to know which company is the best fit for you. By contacting us, we can save you a tremendous amount of time by helping you find the best match for your business - whether it’s with us or another company.

We have a vast network of industry colleagues that we’ve built over 20+ years in the business. So, when you take the time to explain your needs to us, we can be the “one stop shop” to help you find exactly what you’re looking for.

No Minimum

Most factoring companies will allow you to pick & choose customers to factor, however they usually have a minimum amount before they’ll work with you. With us, you can pick & choose what to factor on an invoice by invoice basis with no minimum.

Our factoring agreement is like carrying a credit card in your pocket. You carry it to use when you need it but don’t sign an agreement which will force you into factoring when you don’t need it.

Transparent Fees

Most factoring companies are not upfront about their fees. We are different. We are totally transparent about our fees. When you apply, you are provided a transparent, no obligation rate proposal with the fee for your company.

Our typical contract term is 90 days and we offer price breaks for extended term contracts as well as volume discounts. Optional services include $7/ACH for next-day funds sent electronically to your bank account or $12/wire for same-day funds. Invoices can be scanned and electronically uploaded directly to our secure server for $9/batch. In instances when original invoices are required, we offer discounted rates with Federal Express to submit your invoices.

That’s it! See which other factoring company, if any, will be totally up front with their fees before they try and get your business.

Higher Advance Rates

An “advance” rate is the percent of the invoice face value that you’ll receive upfront. Industry average advance rates are 70-90% of the face value of the invoice. So, for example, if your customer owes you $1,000, you should expect to receive an advance payment of $700 to $900 to your account. Our typical advance rates are higher than average - at 85-97% depending on industry and payment track record.

Personalized Solutions

We are not beholden to Wall Street investor money. We are a privately held company and don’t answer to investors or boards. We are like-minded entrepreneurs who understand what it takes to run a business. We take the time to hear your story, learn your struggles, and put together a solution for you rather than relying on an algorithm to determine your company’s value. Who do you want to rely on as a cash flow partner to fund your business?

Dedicated Account Administrators

Many factoring companies have either a lot of employee turnover, a complex voice mail system that you get lost in or operate call centers where you talk with a new representative every time you call in. We offer dedicated account administrators to be your point of contact – who knows your business intimately, and can help you in ways others just can’t.

Industry Veterans

We have been in business since 1979 and have staff who are dedicated to working in this industry as a career. We are veterans in this industry and can provide additional business guidance and resources as needed.

Our Business is Your Business

We establish a mutual risk tolerance to avoid putting you in the position to ever have to buy back an invoice. We also keep track of each invoice and follow them like your own credit and collections department would. Once they hit the payment date we place friendly reminder calls and/or emails on your behalf and keep notes as to when it is scheduled to be paid, and send copies if needed until payment is received.

Payment Trend Alerts

You will have access to online aging reports and your dedicated account administrator is kept in the loop and given advance notice of any collection issues so there are no surprises.

Up-to-Date Customer Credit History

You get direct online access to your customer’s business credit reports, or you can call and speak with your account administrator – your choice. Stay ahead of negative payment trends. This is critical to running your business and filling your next order.

Leading Edge Technology

We make strides to incorporate the latest technology to expedite the funding process, such as electronic submission of invoices, online reports, online credit checking and other emerging methods to streamline the process and reduce overhead, which means lower rates for you. Most other companies don’t even come close.

As you can see, we simply have more to offer you.

Other factoring companies don’t even compare.

And Not All Factoring Companies Can Say This:

More than half of our new business comes through client referrals.

So, Can Your Company Use Factoring?

Of Course! Companies of all sizes, from small privately-owned companies to large multi-national corporations, use factoring as a way to increase their cash flow. Factoring spans all industries, including trucking, transportation, manufacturing and distribution, textiles, oil and gas, staffing agencies and more.

Companies use the cash generated from factoring to pay for inventory, buy new equipment, add employees, expand operations—basically any expenses related to their business. Factoring allows a company to make quicker decisions and expand at a faster pace.

Unlike a bank loan, factoring has…

No principle or interest to pay over time

No debt to repay

Unlimited funding potential – no caps

Fast funding – no waiting months like at a bank

Approval is based on the strength of your clients, not your credit

Startups are welcome in using funding services

Some of the benefits you receive with factoring are:

Stop worrying about cash flow issues and start spending more time on your business.

No need to make monthly payments to repay a loan.

Receive money in as soon as two to four days – or sooner.

Reduce business costs associated with the collection process.

Win the battle against slow-paying clients.

Get instant credit evaluations for new customers.

Have complete control over your cash flow by deciding which invoices to sell and when.

Enjoy bulk-purchasing discounts or early payment discounts by having extra cash.

Improve your credit rating by having cash on hand to pay bills on time.

You get complete and detailed reports about your accounts receivable portfolio.

Provides cash for your expansion.

Provides cash for your marketing.

Improves your overall financial statement.

Stop worrying about cash flow issues and start spending more time on your business.

No need to make monthly payments to repay a loan.

Receive money in as soon as two to four days – or sooner.

Reduce business costs associated with the collection process.

Win the battle against slow-paying clients.

Get instant credit evaluations for new customers.

Have complete control over your cash flow by deciding which invoices to sell and when.

Enjoy bulk-purchasing discounts or early payment discounts by having extra cash.

Improve your credit rating by having cash on hand to pay bills on time.

You get complete and detailed reports about your accounts receivable portfolio.

Provides cash for your expansion.

Provides cash for your marketing.

Improves your overall financial statement.

Now you know why you can't just go to any factoring company.

You deserve the First Class Service that only we can give you. We Will Fund You Fast! So what are you waiting for? Call us today. We want to give you money!

Call us today and let us help you get the cash you need to operate your business effectively.

Encompassing $304 billion, the Atlanta metropolitan area is the eighth largest economy in the country and 17th largest in the world. Corporate operations comprise a large portion of the Atlanta's economy, with the city serving as the regional, national, or global headquarters for many corporations. Atlanta contains the country's third largest concentration of Fortune 500 companies, and the city is the global headquarters of corporations such as Over 75 percent of Fortune 1000 companies conduct business operations in the Atlanta metropolitan area, and the region hosts offices of about 1,250 multinational corporations. Many corporations are drawn to Atlanta on account of the city's educated workforce; as of 2010, nearly 43% of adults in the city of Atlanta have college degrees, compared to 27% in the nation as a whole. world headquartersAtlanta began as a railroad town and logistics has remained a major component of the city's economy to this day. Atlanta is an important rail junction and contains major classification yards for . Since its construction in the 1950s, Hartsfield Jackson Atlanta International Airport has served as a key engine of Atlanta's economic growth.

Delta Air Lines, the city's largest employer and the metro area's third largest, operates the world's largest airline hub at Hartsfield Jackson Atlanta International Airport and has helped make Hartsfield Jackson the world's busiest airport, both in terms of passenger traffic and aircraft operations. Partly due to the airport, Atlanta has become a hub for diplomatic missions; as of 2012, the city contains 25 general consulates, the seventh highest concentration of diplomatic missions in the United States.Media is also an important aspect of Atlanta's economy. The city is a major cable television programming center. the country's third largest cable television service and the publisher of over a dozen major American newspapers, is headquartered in the city. T. Indeed, Atlanta has been nicknamed the Silicon peach due to its burgeoning technology sector. As of 2013, Atlanta contains the fourth largest concentration of information technology jobs in the United States, numbering 85,000. Atlanta also ranks as the sixth fastest growing city for information technology jobs, with an employment growth of 4.8% in 2012 and a three year growth near 9%, or 16,000 jobs. Information technology companies are drawn to Atlanta's lower costs and educated workforce.Largely due to a state wide tax incentive enacted in 2005, the Georgia Entertainment Industry Investment Act, which awards qualified productions a transferable income tax credit of 20% of all in state costs for film and television investments of $500,000 or more, Atlanta has become a center for film and television production.

Film and television production facilities in Film and television production injected $1 billion into Georgia's economy in 2010, with Atlanta garnering most of the projects. Atlanta has gained recognition as a center of production of horror and zombie related productions, with Atlanta magazine dubbing the city the ""Zombie Capital of the World"". newsroomCompared to its peer cities, Atlanta's economy has been disproportionately affected by the 2008 financial crisis and the subsequent recession. The city's economic problems are displayed in its elevated unemployment rate, declining real income levels, and depressed housing market. From 2010 2011, Atlanta saw a 0.9% contraction in employment and a meager 0.4% rise in income. As of 2012, the unemployment rate in Atlanta was over 9%, higher than the national average of 8.2%. These dismal statistics have garnered Atlanta recognition as one of the world's worst economic performers, with the city's economy earning a ranking of 189 among 200 global cities, down from a ranking of 89 during the 1990s, when the city realized 1.6% income growth and 2.6% employment growth.

However, even when the 2008 2009 period is excluded, the 2001 2007 period is still one of the worst on record for Atlanta: the city never recovered the jobs it lost during the Early 2000s recession, and per capita income declined nearly 5% from 2000 to 2006, the largest decline among major U.S. cities. Thus, Atlanta's current economic crisis was only worsened, and not caused, by the Recession. Adding to the city's employment and income woes is the spectacular collapse of its housing market. Atlanta home prices fell by 2.1% in January 2012, reaching levels not seen since 1996, a decline that measured among the worst in the country. Compared with a year earlier, the average home price in Atlanta fell 17.3% in February 2012, the largest annual drop in the history of the index for any city. Atlanta home values average $85,000 as of January 2012, second worst among major metropolitan areas, coming in just behind Detroit. This unprecedented collapse in home prices has led some economists to deem Atlanta the worst housing market in the country. Nevertheless, in August 2013, Atlanta appeared on magazine's list of the Best Places for Business and Careers

"

Information for the state of Georgia

Georgia's 2010 total gross state product was $403.1 billion. Its Per Capita personal income for 2011 puts it 39th in the nation at $35,979 . If Georgia were a stand-alone country, it would be the 28th largest economy in the world. There are 15 Fortune 500 companies and 26 Fortune 1000 companies with headquarters in Georgia. Georgia has over 1,700 internationally headquartered facilities representing 43 countries, employing more than 112,000 Georgians with an estimated capital investment of $22.7 billion.

Atlanta has a very large effect on the state of Georgia and the Southeastern United States. The city is an ever-growing addition to communications, industry, transportation, tourism, and government. Atlanta has been the site of growth in real estate, service, and the communications industries. Widespread farms produce peanuts, corn, and soybeans across middle and south Georgia. The state is the number one producer of pecans in the world, with the region around Albany in southwest Georgia being the center of Georgia's pecan production. Gainesville in northeast Georgia touts itself as the Poultry Capital of the World. Major products in the mineral industry include a variety of clays, stones, sands and the clay palygorskite, known as attapulgite.

The majority of factoring companies purchase invoices and advance cash within 24 hours, although the terms and nature of factoring can differ between industries and different financial service providers. -Factoring Companies In Georgia

DOES YOUR CASH FLOW EVER TROUBLE YOU?

Factoring Companies In Georgia Articles

Invoice Factoring: Helping Temp Staffing Agencies Grow

When a temp agency is experiencing a cash flow problem, they generally have two options: the first option is to apply to a bank or other lender for a business loan, and the second is to use Invoice Factoring. In this article we'll take a look at why Invoice Factoring may be the best option.

Many companies who bill their clients have discovered that Invoice Factoring is a very effective way of addressing cash flow issues, and this is also true for temp staffing agencies. Typically, temp agencies don't get paid by their clients until such time as their job vacancy has been filled and the employee hired has actually commenced work, which means that it's very common for temp agencies to experience cash flow problems.

Any advertising required to successfully place job candidates is paid for by the temp staffing agency, meaning that they're not able to invoice their client until they've found a suitable candidate and the candidate has actually started work. So, the temp staffing agency must wait to get paid.

Why Invoice Factoring Works Well for Temp Staffing Agencies

Temp staffing agencies are typically paid per hour, with the amount due being based on the number of hours their placement has worked. Of course, during this time they still have to pay their own bills, and these might include rent, payroll, advertising costs, utilities, and so on. So, it's easy to see that this can put a big strain on a temp agency's cash flow.

Many expenses incurred by a temp staffing agency can't be put off, so the agency must be able to access cash straight away: their employees need to be paid on time, as do their rent and utility bills. All businesses require office supplies, so money must be available to keep the business running smoothly. In addition, temp agencies must have money on hand for advertising job openings. For all of these reasons, it's not either feasible or practical for a temp staffing agency to apply for a business loan, then sit, wait, and hope to be approved.

These businesses need money and they need it now; and that's why Invoice Factoring may be the perfect solution to their cash flow problem.

Explaining Invoice Factoring

When a business makes the decision to use Invoice Factoring in order to generate cash, their cash-flow problem can be resolved almost immediately. In many cases, the business can secure up to 92% of the value of their invoice within 24 hours! A word of caution though: if this is the first time the temp agency has worked with a factor it could take longer - somewhere between four and seven days.

Any temp staffing agency that's experiencing a cash flow crisis, or even agencies that only occasionally experience cash flow problems, should do as much research as they can to learn about factoring and how it might help their business grow. With this knowledge they can then consider Invoice Factoring as and when the need arises. Factoring really is the perfect way for a business to access cash money when it's most needed. In many cases, once a relationship has been established with the factor, the money will be delivered within 24 hours.

Cash When You Need It!

Of course one of the major bonuses of invoice factoring is that temp staffing agencies no longer need to worry about whether they will or won't qualify for a bank loan, because factoring will take care of their cash flow crisis. All they need to do is provide their chosen factor with the invoices they wish to sell, complete with the time-sheets for each employee, and the cash that's due and payable to them can be deposited into their bank account within 24 hours. Now, temp agencies will have no problems meeting their monthly obligations, and best of all, there'll be no need to take on new debt.

Factoring Companies In Georgia Articles

The Advantages of Trucking Factoring for Trucking Companies

Around the country, many owners of small trucking companies are running into the same problems when trying to expand their business. While the trucking business can be quite lucrative, it can take many weeks or even months to finally get paid on hauling invoices. This puts trucking companies in a real bind by having to play catch-up while trying to pay bills and salaries of their drivers.

We caught up with Jason Kind, an owner of a small trucking business that he created just a few years ago. Like many trucking owners, Jason was trying to expand his company to meet the needs of his clients, but was running into money issues that were holding him back. We asked him about his situation, the challenges he faced and how Trucking factoring played a real role in helping his company to expand without being burdened by paying back high interest loans.

Jason, it’s good to have you with us.

Jason Kind: “Thanks, I appreciate being here.”

Tell me a little about your trucking company and how it got started.

JK: “I had been driving trucks for years when in 2011 I decided to start my own trucking business. I went through the loan process, purchased a couple of trucks and got started. At first, it was really exciting because I had made a few connections as a driver and I picked up some early business. It seemed like everything was starting to snowball as I was getting requests from other businesses, but I was running into a cash problem.”

It seems rather strange that being successful was causing you to be short on cash?

JK: “I know. You see in the trucking business we charge invoices which means that it could take weeks or even months before the cash would roll in. A typical invoice takes anywhere from 45 to 60 days before the payment comes through. Here I was getting offers from other businesses and I didn’t have the cash on hand to buy trucks and hire drivers.”

So, what did you do?

JK: I’ll admit I was at my wit’s end because I thought by the time I had the cash to expand that the interest would dry up first. I didn’t want to take out another loan because I would just be putting off that debt until later and I had nothing to sell or any additional way to make more money. It was around that time when I heard from one of my friends in the trucking business about Trucking factoring.”

What exactly is Trucking factoring?

JK: “Well, Trucking factoring is a way for trucking companies like mine to get paid quickly for the loads we are hauling. Instead of having to wait weeks or even months sometimes to get paid for hauling, Trucking factoring lets us get money right away for the work that we’ve done.”

How does Trucking factoring work?

JK: “Well, there are companies out there who are willing to purchase the invoices that trucking companies like mine get when we perform a job. I managed to find a good, reputable company that actually purchases the invoices we get after performing a job along with other bills that we charge in our business. In return, they pay us cash that I not only use to cover my payroll, fuel costs and expenses, but I was able to put back enough money to purchase another truck a lot more quickly than if I had simply waited for the invoices to be paid.”

It seems like you stumbled on a pretty good deal when it comes to Trucking factoring. Are there any other benefits that you’ve enjoyed by using this service?

JK: You bet, because the invoices act as the means to pay the company. It is not a loan where I have to pay back any money. The Trucking factoring company simply takes a very small percentage off each invoice or bill as their fee and I get the rest in cash right away. It’s really worked out for me because not only was I able to get the cash needed to expand my business I was able to pay off my original loan a lot more quickly as well.

In fact, I was able to leap onto new business offers more quickly because the Trucking factoring allowed me to start purchasing new trucks and hire drivers months before I could even consider doing that simply waiting on the invoices.

This Trucking factoring sounds almost too good to be true, surely there must be a catch somewhere?

JK: I’ll admit, I was a little skeptical at first, but it’s all pretty straightforward. The Trucking factoring company I use didn’t even charge me a sign up fee nor did they sign me to any long term contract. I just took a few minutes with them to set everything up and when I turn in an invoice, they pay me cash right on the spot.

You said you didn’t have to sign any long term contracts. Are there a minimum number of invoices or amounts that you have to turn in each month?

JK: Actually, no. When I first started with them I was turning in practically all of my invoices so I could generate some cash up front. Now, when I need some cash to pay off bills or make quick purchases, I go to the company with my invoices. Some months I’ve turned in quite a few invoices, other months not so much.

It really sounds like you found a great deal in Trucking factoring?

JK: You bet. I have even used their fuel advances and discount cards to help me save money which really helped out in the first year of my business. I’ve had other trucking owners call me up and ask me how I was able to expand my company as fast as I did. I tell them all the same thing, if you have invoices, then Trucking factoring is the way to get fast cash without having to take out loans or put yourself in a deeper hole.

Jason’s business continues to grow and Trucking factoring was a big reason why he was able to expand so rapidly. If your trucking business is short of needed cash with invoices that have yet to be paid, then you should consider Trucking factoring as a way to put money into your hands right away.

Factoring Companies In Georgia Articles

Oilfield Services Factoring Services

Running a company in the oilfield services industry is no easy business, especially with payrolls to meet, equipment to purchase and deadlines that must be met. The sheer complexity of combining the geological research and modeling, imaging and exploration and finally the drilling to see whether oil is really present can take a lot of investment before any payoff can be seen.

For those who own a Frac Sand Hauler for example, the efforts that must be put in to start such as business can be considerable. But arguably the biggest challenge is paying the expenses as the invoices come in. A Frac Sand Hauler often has expenses that must be met immediately, but their invoices can take up to 60 days before they see the money.

What follows is an interview with Ray McClerand, a man who owns a Frac Sand Hauler business and ran into the same difficulties that many new companies of his type face. How Ray overcome some of the challenges in paying his bills through oil service factoring are explained in the interview.

“Welcome Ray, I’d like to know first why you decided to start up a Frac Sand Hauler company and how you prepared for the challenges it created.”

Ray McClerand (RM): “I’ve been in the oil business for the past 15 years or so working on different jobs from roughneck to foreman to deskwork for different companies. A few years ago I saw the potential of having a Frac Sand Hauler business in this area and got together with a couple of partners to create a company. We sat down, went over the details and decided that this would be a real good time to build a business that was serving a particular need in this industry.”

“So, I take it you created a business plan and took out the appropriate loans in order to purchase the equipment and hire the personnel necessary to get your company started?”

RM: “Exactly. Because I had been around this business for a while, I understood what was needed in terms of personnel and equipment. Plus, I had some contacts with others in the business that needed the type of services that a Frac Sand Hauler provides, so I felt that there was some real potential to make a profitable business work.”

“How did it go over the first six months or so?”

RM: “At first, we were really thriving as my contacts had lined up some business my way. Our loans covered the first six months or so of operations and we were doing quite well with the business we had. My partners and I were certainly happy and everything was going good when something really strange happened.”

“Could you elaborate on what you mean by “strange”?

RM: “Yes, after the first five months or so I started getting requests to have our company work with several other businesses in the area. This would mean having to expand our company through buying new equipment and hiring more people. But we did not have the cash on hand to make such a move. We were getting invoices from the businesses that we worked with, but it was taking up to 2 full months before we actually got the cash.”

“So, you were making enough money to expand, but you didn’t have it on hand because of the invoice system?”

RM: “You got it. Add to that our initial money from the loan was running out and we needed to start paying it back as well. I knew that if we didn’t expand and accept the new business that others would step in and we would lose that money. So, we were in a real pickle until I heard about oil service factoring companies.”

“Tell us a bit about oil service factoring and how it helped you out?”

RM: “Well, one of my partners had heard about factoring companies, so we checked it out and decided to go with one that was best suited for our needs. A factoring company buys our invoices with cash so we have money on hand to pay our bills and do what we need accomplished immediately. The factoring company then collects the money from the invoices when they become due. It’s really been a win-win for what we do.”

“That’s interesting. I wonder if you could you explain a little further just how factoring has helped your company?”

RM: “Sure, instead of having to wait up to 60 days before we could collect on the invoices, we were able to have the cash on hand immediately to purchase some new equipment and hire some more people to expand our business. This meant that we could accept the new offers that other businesses were providing for us and not having to pass. I cannot say enough about how factoring really benefitted us when it came to expanding our business.”

“So, it seems like factoring really paid off for you. Do you still use factoring today?”

RM: “Yes we do. Although for the most part we still cash our own invoices, whenever we need money quickly so we can buy some new equipment or expand our business a little further, we go back to the factoring company and cash in our upcoming invoices. It really has worked wonders for our company.”

“Tell me, what would have happened if factoring was not an option?”

RM: Frankly, I don’t know how we could be in the position we are today without factoring. In this business, you have to take advantage of new opportunities quickly because there are other companies out there who will step in if you don’t. Basically, I don’t think we would be anywhere near the company we are today if it had not been for factoring.

There is little doubt that Ray’s company would not be where it was without oil service factoring that allowed him to expand his company when he needed. For those in the oil industry, having your invoices cashed immediately by factoring companies allows greater flexibility so you can grow your business a lot more quickly and take advantage of opportunities.